According to the new market research report "Track Geometry Measurement System Market by Measurement Type (Gauge, Twist, and Vertical Profile), Operation Type (No Contact and Contact), Railway Type (High Speed, Mass Transit, Heavy Haul, and Light), Component, and Geography - Global Forecast to 2024", the TGMS market is expected to be worth USD 2.8 billion in 2019 and reach USD 3.7 billion by 2024, at a CAGR of 6.00% from 2019 to 2024. The growth of this market can be attributed to the high demand for track geometry measurement systems from high-speed railways, especially from APAC and Europe.
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Gauge segment to hold largest share of TGMS market in 2019
By measurement type, the gauge segment leads the TGMS market. Gauge is the spacing or distance between the inner sides of the heads of the 2 load bearing rails on a railway track. It is among the key parameters of track geometry measurement. The wheelsets of the rails should be compatible with the track gauge, else it could result in fatal accidents due to derailment.
Market for high-speed railways to grow at highest CAGR during forecast period
The TGMS market for high-speed railways is expected to witness the highest growth during the forecast period. The high-speed railway line network is witnessing significant growth, which can be attributed to its advantages such as time saving, energy saving, and low greenhouse gas emission compared with other modes of transportation. These factors also lead to generous funding from the government for the development of high-speed railway network. As track geometry measurement systems are required during the construction and maintenance of tracks for high-speed railway systems, this factor is also positively impacting the growth of TGMS market.
APAC expected to hold largest share of TGMS market in 2019
APAC is expected to hold the largest share of the TGMS market in 2019. China, India, and Australia are the key countries contributing to the growth of the TGMS market in APAC. Europe is expected to account for the second-largest share of the TGMS market throughout the forecast period. High-speed railways and mass transit railways are the key application areas of track geometry measurement systems in this region.
A few key players operating in the TGMS market are ENSCO (US), Fugro (Netherlands), MER MEC (Italy), Balfour Beatty (UK), Plasser & Theurer (Austria), Siemens (Germany), R. Bance & Co. (UK), Bentley Systems (US), Goldschmidt Thermit Group (Germany), and Egis (France).
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